Between 2007/08 and 2018/19, Ontario’s debt has grown from $157 billion to $325 billion.
This year, the government expects to add $16.8 billion to the province’s net debt.
Ontario’s debt-to-GDP ratio has climbed from 26 per cent pre-recession to 38 per cent today.
Ontario’s upcoming provincial budget will likely include a significant increase in government spending with an eye on the spring election.
The upcoming 2018 budget will send a clear signal about the Wynne government’s direction.
Since 2008/09, Ontario has seen its net debt increase every year by an average of $15.5 billion.
Next year Ontario’s debt burden per person is projected to surpass Quebec’s.
If Toronto’s housing market continues to cool there would be substantial negative implications for provincial revenues.